Cronos CRO/USD Soars To The Top Of Gainers List After the SEC Closes Its Investigation Into Crypto.com

Crypto.com's native token Cronos CRO/USD surged to the top of the gainers list on Thursday after the firm announced that the SEC would not take any enforcement action against it.

Crypto.com's stock (NYSE:CRO) rose sharply on Thursday after the firm said the SEC would not take any further action against it.

What Happened: Kris Marszalek, CEO of Crypto.com, announced on X, formerly known as Twitter, "The SEC's investigation into Crypto.com has been closed with no action being taken against Crypto.com."

The SEC did not immediately respond to Benzinga's request for comment.

The SEC's investigation into had been closed and no action would be taken against , the company announced.

The announcement comes after a 10-month legal battle with the SEC, which began in October 2024 when Crypto.com filed a lawsuit against the regulator in a bid to prevent it from pursuing any enforcement action.

The SEC had opened an investigation into Crypto.com's cryptocurrency exchange operations and had issued a Wells notice to the firm. In the lawsuit, Crypto.com accused the SEC of exceeding its jurisdiction and enforcing an illegal rule that classifies all cryptocurrency transactions as security transactions.

However, the SEC appeared to have dropped its case against Crypto.com.

The latest development comes as the SEC has granted similar relief to cryptocurrency exchange Coinbase (NASDAQ:COIN), part of the crypto operations of brokerage firm Robinhood (NASDAQ:HOOD), crypto exchange Gemini and decentralized cryptocurrency exchange Uniswap.

The Trump Media and Technology Group Corp (NYSE:DJT) firm, of which President Donald Trump is the majority owner, announced a partnership with Crypto.com to launch a series of exchange-traded funds, including ones linked to cryptocurrencies.

Earlier this month, Marszalek was also invited to the first-ever White House Crypto Summit.

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Price Action: Cronos tokens rose 12% to $0.1133. The latest uptick also saw the utility token of Cronos, a decentralized blockchain being developed and operated by Crypto.com, extend the weekly gains to over 40%.

The gains in CRO outpaced that of mega-cap cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), both of which traded flat during the day.

Bitcoin is trading at $25,356.2 and Ethereum is at $1,635.4 at the time of writing.